Evaluating Human Factors in Third-Party Services in Banking Sector

, Adedamola

No qcbpg, OSF Preprints from Center for Open Science

Abstract: The purpose of this paper was to contextualize the impact of the human factor owing to the increased involvement of third-party vendors by banks and other financial services providers and the rising threat level of supply chain attacks. On this, this paper presents a literature review of the risks posed by third party vendors within the present-day cyber environment including an evaluation of two core supply chain attacks, namely, Carbanak attack and the Equifax data breach. From these, it is established that with the increased prevalence and utilization of third-party vendors in banking and financial service provision, there is a need to integrate third-party risk management by addressing the key risks that emanate from the contracting organizations’ activities and relationships with the third-party vendors, and those posed by practices adopted by third-party vendors. To this, it has been established that while they are both independent organizations, there is a need to adopt an integrated framework that brings together strategy, processes, technology, and people dimensions associated with the human factor risk in the cyber environment.

Date: 2022-12-14
New Economics Papers: this item is included in nep-ban and nep-pay
References: Add references at CitEc
Citations:

Downloads: (external link)
https://osf.io/download/6399aa8be468740a6d9b4263/

Related works:
This item may be available elsewhere in EconPapers: Search for items with the same title.

Export reference: BibTeX RIS (EndNote, ProCite, RefMan) HTML/Text

Persistent link: https://EconPapers.repec.org/RePEc:osf:osfxxx:qcbpg

DOI: 10.31219/osf.io/qcbpg

Access Statistics for this paper

More papers in OSF Preprints from Center for Open Science
Bibliographic data for series maintained by OSF ().